Topic: CEX.IO NEW Terms of Service today (Read 1818 times)

From CEX forum:

To clear everything up about the ID, this is not a requirement this is only to protect your accounts against financial losses due to the alarmingly increased amount of hacks we have been witnessing. So for example if your account is flagged as potentially compromised this account will be frozen in order to unlock it you will need to provide proper and legal identification. Another instance where we would need to request for an ID is for AML documentation this is for legal purposes as well.

If you want to avoid sending your photo ID in we have been strongly urging users to add 2 factor authentication the increase of hacked accounts has nearly tripled over the past  few weeks. Most of these accounts are being compromised due to users downloading trading bots, email viruses, if you wish to keep your financial assets you currently hold with us at cex.io we highly suggest only logging in on trusted and protected PCs and having your 2FA enabled not only on your cex.io account but your email as well.

This new terms of service is not to exploit users identities its to protect YOUR money. Since we will not be held liable for users who have taken poor security measures we are doing what we can to prevent it from happening. What this all boils down to what is more important us potentially stopping a hacker and saving you hundreds if not thousands of dollars in bitcoins or refusing to send an ID when we see an account may be compromised and we want to be sure that it goes to its rightful owner.
 January 07, 2014 11:06


https://support.cex.io/entries/37313623-Terms-of-service-change

Well if they do go to fiat they have no choice but to do the verification stuff.

If they decide to allow fiat it could definitely help and boost the traffic. Having verifications should not hurt the site since many sites like bitstamp do it too.

What with all the hacking, good move ...

I pulled everything out of CEX. Waiting to see what happens with the new ToS.

Correction, I said today, but it actually goes into effect 2/4/2014.

Definitely preparing for fiat.

it will be interesting to see them process the ID requirements given the amount of user/members/shareholders on their site.

i guess it may create a vacuum for those who are there for "other" purposes.

given all that, it may be good news as it appears industry wide and irrefutable that BTC and other Alts are here for the long haul.

Either fiat is coming or gambling. I'd go for fiat as it seems to be most logical. I guess current users will have to provide proof within a number of days once it starts. It looks like they are doing quite well though.

seems to me that they are preparing to add fiat markets - as this requires such ID verification for anti laundering laws

every business seems to be tightening up security after some time. are there some govermantal issues?

CEX.IO will be implementing their new terms of service of 2/4/2014. After reading it, its alot of basic stuff that has them generally covering themselves and making sure users are competent enough to understand what they are doing.

Here's one bit that i'm curious about...

DUE DILIGENCE

Before the publication of the first demand you should send to us:

1) a valid government issued ID, acceptable high quality images of documents are: - international passport (double page) - national ID card (both sides) - driver's license (both sides)

2) a proof of residency, acceptable scanned images of paper documents are: - bank statement - utility bill for utilities consumed at your home address - tax return, council tax - certificate of residency issued by a government or a local government authority You can also submit other documents to serve as proof of residency such as; government-issued documents, judicial authority-issued documents, documents issued by a public agency / authority, utility service company, or similar regulated service providing companies.

So.....publication of the first demand? i'm interpreting this as the first deposit/withdrawal? correct me if i'm wrong. And then to add to that, what about existing users?

Overall this seems like they are tightening up security and strengthening verification.

The entire new Terms of Service can be found on their website.